Gold Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold price is not establishing a clear directional trend, instead oscillating between well-defined horizontal support and resistance levels. This lack of trend is a key characteristic of the current market.



This neutrality is confirmed by the technical indicators. The price is trading below the 24-period and 100-period Simple Moving Averages, which are intertwined and moving horizontally—a classic sign of a trendless market. These moving averages are currently forming a resistance zone around the 3360 - 3370 area. Further confirming this lack of momentum, the Relative Strength Index (RSI) is positioned at the 50 midline, indicating a perfect balance between buying and selling pressure.

The future direction will likely be determined by a breakout from the key technical levels. The primary resistance to watch is the zone around 3372.26, which aligns with the moving averages. A convincing break above this level would be needed to signal bullish intent, potentially opening the path to the upper range resistance at 3422.42. Conversely, the key support area lies between 3309.80 and the range low of 3282.30. A breakdown below this floor would signify a bearish breakout, likely initiating a new downward trend.
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